Background: Pension Performance Review Overview
Pension transfers are an important and profitable area of financial advice, but they are also complex and difficult to do well. The usual approach of systems that rank pension providers in terms of costs does not fit easily with advisers looking to recommend wraps and other more sophisticated pension products to their clients.
Another problem of existing pension transfer systems is that they do not cover off many important factors that must be considered when recommending a pension transfer such as GARs, MVRs, GMP, protected tax-free cash, etc. – the list goes on. This means advisers must spend hours analysing and writing comprehensive suitability reports to accompany the print-outs from these type of systems.
High quality advice on pension transfers will also see the adviser conducting a full risk profile analysis on the client and providing ongoing reporting to clients to ensure that pension investments are regularly reviewed.
This is an involved process to do well and leads to some advisers presenting their clients with a mishmash of different documents and information. This can often be confusing for clients and does not present them with the most professional of impressions. In addition, this can be very time consuming for advisers who could otherwise be spending time with their clients or developing their business.
The Pension Performance Review Process is different. A software solution that is quick, comprehensive and compliant. A system that covers everything from risk profiling, cost analysis, fully automated suitability report generation, ongoing reporting and much, much more.
With the FSA’s Thematic Review on pension switching still fresh in the industry’s mind, it is time that all advisers in this area of business took a fresh look at their systems and what new solutions are now available to ensure they offer their clients the best advice and reporting on offer.
If you are an adviser and give (or want to give) advice on pension transfers to wraps, the Pension Performance Review Process is the solution you have been waiting for.
The Next Step: The Pension Performance Review Opportunity.